If you retire - what is your income per annum as a family unit?

Discussion in 'Accounting & Tax' started by sash, 29th Dec, 2016.

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If you are retired what's your gross income pa for your family?

  1. Under 25k - living at the breadline

    4 vote(s)
    7.5%
  2. 25k - 40k - doing okay

    4 vote(s)
    7.5%
  3. 40k - 55k - comfortable

    6 vote(s)
    11.3%
  4. 55k - 70k - retirement is nice and comfy

    3 vote(s)
    5.7%
  5. 70k - 85k - living well

    2 vote(s)
    3.8%
  6. 85k - 100k - its all apples

    6 vote(s)
    11.3%
  7. Over 100k - living the dream

    28 vote(s)
    52.8%
  1. sash

    sash Well-Known Member

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    Hi All,

    I thought I would reach out to PC members who are RETIRED and what GROSS income they have achieved at retired?

    Please only post if you have pretty much RETIRED ...this means you work less than 15 hours per week and rely mostly on the pension, a combination of pension and your assets, combo of working less than 15 hours and live off income off assets or you are a self funded retiree.

    I have decided to post this on PC chat as I believe PC member as opposed to the overall population are better at planning and managing their affairs at retirement. PC members overall are also much more aware of the options and have a higher rate of financial literacy....

    Please feel free to reach out if you have questions..it would be better if you clarified your position prior to inputting your entry.

    Cheers
    Sash
     
    Last edited: 29th Dec, 2016
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  2. Perthguy

    Perthguy Well-Known Member

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    I won't answer the survey because I am not retired but I can tell you my parents are currently in the 25k to 40k category. They are currently restructuring their real estate investments with the aim of moving to the 40k to 55k category.
     
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  3. sash

    sash Well-Known Member

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    Good point...why not put in a vote for them...but people who are doing this please send a post explaining like Perthguy...

    @Perthguy this is good stuff...I suspect most would fall into the 40-55k category for retirement income.....for most middle to upper middle class retirees....
     
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  4. Blacky

    Blacky Well-Known Member

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    I voted for my parents.

    Dad retired last week. Mum will finish working in 2017.
    They have (or will have) sufficent funds to live reasonably comfortably with a fully paid off PPOR and about $800/week. They will not recieve any govt pension.

    They are both still worried it wont be enough. They both want to do some part time work to top this up a bit more to provide comfort and also to give them something to do.
    I think the fear of the unknown will settle down once they get used to it - but it will take a year or so.

    Personally I think they should be able to have a reasonable lifestyle on $800/pw. But its been a long time since I had to live off that amount, so who knows.

    Blacky
     
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  5. Phil_22

    Phil_22 Well-Known Member

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    I voted in the 25K-45K bracket for my parents.

    They are going ok some major hits can really affect them, they are planning on a trip around Australia in 2017 & whilst they do that they will air BnB there place which I will manage for them free of charge. Hopefully gets them a few extra thousand $ in there coffers.
     
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  6. sash

    sash Well-Known Member

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    Hey mate...great stuff...will post a snyopsis once I have more data....keep it coming the results are certainly interesting..so far...
     
  7. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Hi @sash

    Might be worth indicating whether you mean gross or net income (since those living off income producing assets held outside super would have to pay some tax).
     
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  8. sash

    sash Well-Known Member

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    Ta...excellent....
     
  9. sash

    sash Well-Known Member

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    Great point...just edited and fixed in caps....gross..is the important figure...
     
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  10. sash

    sash Well-Known Member

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    Some interesting stats from the ABS..note that govt pension is now behind Super/Private pensions as the major income source...interesting.....gubbermint is now executing to their plan well....

    Interestingly.....people living off rental income as the primary source of income is at 5%...interesting isn't it.....

    6238.0 - Retirement and Retirement Intentions, Australia, July 2014 to June 2015

    PERSONS AGED 45 YEARS AND OVER WHO INTENDED TO RETIRE FROM THE LABOUR FORCE,

    Main expected source of personal income at retirement, By sex, 2014–15
    [​IMG]
     
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  11. Otie

    Otie Well-Known Member

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    This is interesting as Im 25 years off retirement at a minimum, would like to see what couples can realistically live off with a paid off PPOR
     
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  12. Sonamic

    Sonamic Well-Known Member

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    Government says $600 a week. For a couple.
     
  13. sash

    sash Well-Known Member

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    Gents... according to some super stats...

    Modest retirement single 23.8k......couple 34.2k...age pension is 20.5k and 31k respectively

    Comfortable retirement is 43k for a single and 59k for a couple

    Note I think the assumption above is a fully paid off PPOR



     
  14. ellejay

    ellejay Well-Known Member

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    I gave up permanent work last year and hubby works minimal hours. I would maybe call myself semi retired? I'm trying out foing worj hours in blocks rather than 10 hrs per week or such. I just finished a 10 week full time contract and now having 6 weeks off before starting a 2 month contract. So equiv around 15hr pw annual. I haven'r got any other work planned for the year but may do 2× 2month contracts per year and do property stuff and travel in between.

    I haven't got a clue what my gross income is now, I focus on net. I'll have a look and try to post. Just exploring Hervey Bay at the moment ☺
     
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  15. sash

    sash Well-Known Member

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    Good stuff EJ...are you a medical professional...and I believe you are under 50?? Personal ...I know..... ;)

    You lifestyle seems to mirror the guy (Tim Farriss) from the 4 hour work week....
     
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  16. euro73

    euro73 Well-Known Member Business Member

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    The word "comfortable" needs to be redefined. 59K for a couple? Yikes. Couldn't , or at least wouldn't want to live on that
     
    Last edited: 29th Dec, 2016
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  17. ellejay

    ellejay Well-Known Member

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    Hi, yes and yes ;)
     
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  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Assuming that is net, it wouldn't leave me much after school fees, smashed avo and coffee.
     
  19. sash

    sash Well-Known Member

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    A couple things......ya need to lose the kids or send them to state schools...stopping smashing avo..and drinking too much coffees....;)
     
  20. euro73

    euro73 Well-Known Member Business Member

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  21. hammer

    hammer Well-Known Member

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    My father lives on the pension and pension only. Owns his own house.
    He's quite comfortable though. He runs his lifestyle on the smell of an oily rag. It helps that he lives in a town with a lower cost of living too.

    However...he is also part of the reason why I joined here and decided to focus on getting ahead.
     
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